The conformity of the NBU’s internal audit to the International Standards for Internal Auditing has been confirmed by conclusions of independent experts from the BoE, which were produced during an external assessment.
The NBU received the highest possible score for the quality of its internal auditing – “generally conforms” – on the rating scale that determines compliance with the standards, principles, and requirements for effective internal audit.
The external assessment was conducted in accordance with the criteria set by the Institute of Internal Auditors, an international professional organization that sets requirements for audit activities worldwide
The assessment involved a self-assessment followed by BoE independent experts’ verification and included a comprehensive assessment of the NBU's internal audit function’s compliance with international standards, focusing on the last two years of the Internal Audit Department’s operations.
The BoE experts analyzed and thoroughly reviewed the internal audit functions, methodology, risk-based planning of audits, audit approaches, preparation of conclusions, communication and reporting of audit results, and monitoring of recommendations. Moreover, they held interviews with the Chair of the Audit Committee and one of its members, representatives of executive leadership, heads of departments, and Internal Audit Department staff.
The assessment took a long time to complete, so external experts were able to make a sound assessment of the NBU’s internal audit activities.
During the assessment, the BoE’s experts did not identify any deviations and/or deficiencies in the NBU’s internal audit, and did not provide any recommendations.
“Such a high score, among other things, stems from cooperation with the internal audit function cultivated by the NBU management, the NBU Council, and the Audit Committee of the NBU Council, as well as the professionalism of the heads of the NBU units who aim to continuously improve the NBU’s processes and operations, taking into account the results of internal audits,” said Olena Avramenko, Director of the Internal Audit Department.
In accordance with international standards on internal audit, at least once every five years, an external assessment of the internal audit function by a qualified independent expert or a group of experts who are not employees of the organization should be conducted to confirm compliance with international standards.